Under an agreement with Governor Doug Ducey, Arizona's banks and mortgage servicers have consented to suspend foreclosures and evictions for at least 60 days during the coronavirus (COVID-19) outbreak. These suspensions are being done in conjunction with the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac.
In addition, most banks have implemented a payment-deferral program, also known as a "forbearance," of up to 90 days for business loans. Arizona banks are also working with the FHFA Enterprises, Fannie Mae and Freddie Mac, to provide payment forbearance for up to 12 months to borrowers impacted by the coronavirus. (Under the federal Coronavirus Aid, Relief, and Economic Security Act, residential homeowners with federally backed mortgage loans can get a forbearance of up to 360 days.) But don’t just stop making your mortgage payments. Contact your loan servicer to ensure that you qualify for the payment suspension. (To learn more about foreclosure protections and mortgage payment relief during the COVID-19 pandemic, read Coronavirus: Foreclosure Relief and How to Get Mortgage Payment Relief During the Coronavirus Outbreak.)
Under this program, you might qualify for:
Programs developed under the Hardest Hit Fund are likely to end as soon as their funds run out. Many have already shuttered. So, if you think you could qualify for a particular type of assistance through a specific program, you should submit an application as soon as possible.
Effective date: March 30, 2020